Vecna Robotics, an autonomous material handling robots for warehouses, raised $50 million in a Series B funding round.
The round was led by Blackhorn Ventures, with participation from Highland Capital, Fontinalis Partners, Drive Capital, and Tectonic Ventures.
As part of the investment, Trevor Zimmerman of Blackhorn Ventures and Bob Davis of Highland Capital will join Vecna Robotics’ Board of Directors.
According to the company, the new funds will rapidly scale its products and services to the material handling market, which faces both a growing labor shortage and increased competitive pressures.
“In speaking with Vecna Robotics’ customers, it was clear that the company offers best-in-class solutions and services. The company has an industry-leading position in a $100 billion market, and we look forward to working with them as they revolutionize material handling around the world,” said Bob Davis of Highland Capital.
Workflows are the driving force behind every business that deals with physical goods, from wholesale to retail, from manufacturing to warehousing and distribution.
The Vecna Robotics solutions focus on maximizing workflow efficiency with fully autonomous pallet trucks and tow tractors combined with Pivotal, an AI-based orchestration software. More than a fleet manager, PivotaI also interfaces with human workers and other equipment to increase job satisfaction, optimize freight capacity, increase warehouse capacity, and help eliminate waste, the company said.
Vecna Robotics’ solutions deliver value for customers in the distribution, warehousing, and manufacturing sectors by automating cross-docking, line-side delivery, replenishment, case-picking, kitting, goods-to-person, person-to-good, and oversized/non-standard SKUs delivery.
The company has deployed its robot and software solutions in many distribution centers, including FedEx Ground, Milton CAT, DHL Supply Chain, GEODIS, and Medline.
Image Credit: Vecna Robotics